Culpeper County Real Estate Market Trends
Q1 2017 Culpeper Market Trends Report
Rappahannock County – Fauquier County – Madison County – Culpeper County
Real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), were up 4% for the first quarter of 2017. The majority of the growth was in raw land sales, which increased 65% while residential sales were down 3%. The average sale price for residences increased 1%. Commercial and multi-family transactions were flat.
On a county-by-county basis, the results were mixed except in Rappahannock County, which experienced strong increases in both home and land transactions. For the first quarter, Rappahannock had 75% more residential transactions and land transactions increased 140%. Fauquier County was down 11% in residential transactions, but up 16% in land transactions. Madison is down 8% in residential transactions and up 175% in land transactions. Culpeper is up 1% and up 93% in residential and land transactions respectively. With just one quarter of data, trends must be treated with caution because sample sizes are small, particularly in Madison and Rappahannock Counties.
Culpeper Home Sales
731 residential properties sold in 2016, an 8% increase over 2015. All of the growth was in the middle segment between $250,000 and $500,000 It is worth highlighting that for the first time in the last eight years, more homes sold above $250,000 than below. Historically about 1/3 of the sales in Culpeper County are below $250,000 so this is a dramatic increase. In the last two years, this segment accounted for 47% and 53% of the overall market respectively. The average sales price has followed this trend; in 2015 the average home was $269,874 and in 2016 increased to $277,739.
The chart below shows cumulative sales for the year by price range. The number of transactions in the introductory segment decreased 4%. In our opinion, this is a function of buyers trading up and less desirable inventory in the lower end of the market. With only 23 transactions over $500,000, the upper segments of the market are virtually non-existent. There was only one sale over $1,000,000.
On average, homes are selling 2% below list price. There are currently 335 homes for sale in Culpeper County which is about a six month supply. The average list price is $337,107 with an average of 143 days on market.
Culpeper Land Sales
On average, about 70 lots sell each year in Culpeper. There are currently 223 lots on the market, which is more than a three-year supply. For the year, land transactions were down 6%.
To see a complete listing of everything that sold this year (by quarter), please click on one of the links below:
Review the 2016 Market Trends Report for Culpeper